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Macroeconomics – Unemployment

High and prolonged unemployment is a sign of a malfunctioning economy. The consequences of unemployment affect business in several ways – it imposes large social welfare costs that have to be financed by taxation, it places strain on government’s economic policy, and it can cause political instability.

 

This course takes a look at the different types of unemployment that occur in global economies and also explains in detail the various theories of unemployment.

  • OBJECTIVES

    On completion of this course, you will be able to:

    Define unemployment and describe the potential problems with the unemployment rate as a measure of unemployment

    Describe the types of unemployment and their causes

    Identify the costs of unemployment

  • COURSE OUTLINE

    Topic 1: Basics of Unemployment

    Definition of Unemployment

    The Unemployment Rate as a Measure of Unemployment

    Cost of Unemployment

    o Higher Taxation

    o Loss of Human Capital

    o Loss of Output

    Topic 2: Types of Unemployment

    Unemployment Types

    o Cyclical Unemployment

    o Frictional Unemployment

    o Structural Unemployment

    o Seasonal Unemployment

    o Classical Unemployment

    Topic 3: Theories of Unemployment

    Full Employment

    Phillips Curve

    NAIRU Theory

  • PREREQUISITE KNOWLEDGE

  • ESTIMATED COMPLETED TIME

    50 Minutes

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